Individuals in Nevada and throughout the country can show how much they love their families by creating estate plans. A will can be an effective tool to transfer assets directly to a spouse, child or other relatives after an individual passes. It can also be possible to gift assets while still alive, which can help to reduce estate taxes. Depending on how a trust is structured, property can be protected from creditor claims while still allowing a beneficiary to use it.
A trust can be overseen by another person or entity, and the trustee is responsible for distributing assets over time according to the document’s instructions. The use of a trust may make it possible to minimize state or federal taxes an estate could owe after a person passes. Buying a life insurance policy could ensure that surviving loved ones have the resources needed to pay bills.
Those who already have a life insurance policy should review it on a regular basis to ensure that it meets his or her needs. Furthermore, life insurance policy beneficiary designations should be reviewed regularly and updated as needed. Anyone can benefit from reviewing beneficiary designations on retirement or other accounts that they intend to transfer to other people when they die. Finally, it can be worthwhile to review power of attorney documents to be sure that they are still in effect.
Creating a living trust or other estate plan documents may make it easier for a person to provide for loved ones after he or she passes. Parents may be able to use a special needs trust to provide resources for children who will need care for the rest of their lives. An attorney may help a client with trust planning and other estate planning considerations.